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How to solve Jimmy, Karol, and Lui are partners in JKL Company, with average capital balances for the year of $ 3 0 , 0
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Jimmy, Karol, and Lui are partners in JKL Company, with average capital balances for the year of $$ and $ respectively. They share remaining income and losses in a :: ratio, respectively, after each receives a $ salary and percent interest on his average capital balantes.
In the journal provided, prepare the entries without explanations to close income or loss into their Capital accounts, assuming
a net income of $
b net income of $ and
c net loss of $
Prepare the entries in General Journal accounts.
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